CMP: How do the needs of a senior mortgage agent differ from that of a junior agent?
Ron De Silva: They differ drastically, both in the services they require from their mortgage brokerage or network and their desired compensation. While many who are new to the industry are willing to do away with volume bonuses in exchange for things like training and marketing assistance, those who are a little further along in their careers often prefer more cash in hand. This concept is the premise on which RMA is built. After surveying many senior mortgage consultants across Canada in early 2006, we incorporated its findings and offer senior mortgage agents the option of receiving 100 per cent of their volume bonuses and finders' fees.
CMP: What are the main advantages to a senior agent obtaining mortgage broker status and following the new mortgage broker legislation in Ontario?
RD: Agents obtaining the broker status will be exposed to the new education they need to provide better customer service and be more conscious of consumer protection. I think the education is taking us step by step into an environment that is much more professional, and eventually mortgage brokers will have a status similar to what financial planners, accountants and lawyers enjoy.
CMP: How do you ensure that you are always bringing in quality agents to RMA?
RD: We obtain references from our partners in the marketplace and we zone in on the agent's funding ratios, self-sufficiency and overall education in the industry. If there is any reason to be cautious, we will access a REDX report. As a result, we have people who know what they're doing and who don't send one application to five lenders and waste the time of four. Last year, we had only one compliance issue, which I think shows that we're doing something right. Also, since we don't make a lot of money per agent because of our flat fee structure, we can be more selective.
CMP: Can you describe your company's mentorship program for junior agents?
RD: The RMA mentorship program gives senior agents the chance to bring on junior agents to work and train with them as part of their team. The program works well because senior agents don't usually have the time to share information with new recruits unless they're working alongside them. RMA is also promoting certain senior agents to go out and get their broker licence in order to be that much more effective in this coaching and training role, and we're picking up the cost of the required education. Newly licenced brokers will be even more effective in helping juniors learn the business and the new legislation.
CMP: What is the most important quality a junior agent needs to move forward in the industry?
RD: The most important part of becoming a successful mortgage agent is finding out how to effectively secure referral sources and get them to send you business. Junior agents can get a lot of help in learning to underwrite deals, but for the ability to become a good salesperson - to get up every day and get out on the street when you're pushing a ball up a steep hill - you need to have what it takes to get out there and be an independent businessperson.
